Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,611/mo
Lowest payment- Down payment
- $290,502
- Funds due
- $303,467
- Interest + MI left
- $98,676
- First ends
- Dec 2050
Assumption
Assumption + second
$3,302/mo
+$1,691/mo- Down payment
- $54,502
- Funds due
- $69,018
- Interest + MI left
- $471,340
- First ends
- Dec 2050
New loan
New conventional
$3,806/mo
+$2,195/mo- Down payment
- $54,502
- Funds due
- $65,315
- Interest + MI left
- $717,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,498 | $254,498 | $490,498 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,226.30 | $1,226.30 | $3,322.80 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $98.10 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $1,610.97 | $3,301.70 | $3,805.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,502
Closing costs & prepaids$14,516
Usable credit−$0
Total buyer cash needed$69,018
Earnest money paid−$0
Remaining funds due$69,018
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,272.49
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$654.00
Prepaid interest, first (6 days)$120.90
Prepaid interest, second (6 days)$300.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yrOf the original 30-year loan at 2.89%
Interest already paid$47,792Through Dec 2026
Assumption only · ends Dec 2050$98,676
Assumption + second · ends Dec 2050, second Jan 2057$471,340
New conventional · ends Jan 2057$717,189